Greece bailout talks continues to roll on - with market hopes pinned on a resolution in the coming days.

We broke the highs from the daily doji from 6/16. More importantly though would be a move above 1293, breaking the highs of the weekly doji formed last week.

Resistance at 1285 (resistance from the previous descending channel line).

We broke the 10-day moving average, which can typically lead to a 1-2 day bounce in the markets.

Volume was weak yesterday, coming in well below average. Much of which is likely because investors are waiting on the sidelines until Greece issue is resolved as well as waiting until after the FOMC Meeting concludes on Wednesday.

A break below 1257 or the 200-day moving average would be disastrous for the markets.

FOMC Meeting this week begins today with an announcement on Wednesday at 12:30 ET, followed by a press conference at 2:15pm ET.

My conclusion: Strong rallies that make bears shake in their boots are not at all uncommon in down markets - and we have yet to see that. I expect that we'll continue to push higher in the markets in the days ahead.